Although tow truck insurance rates average around $4,000 to $5,000, policy premiums can spike up to $15,000 per annum for high-risk truckers. Insurers generally charge at-risk clients more. As such, minimize your associated risk factors to improve your overall insurability as a trucking service provider.
Proper risk management plays a crucial role in keeping tow truck insurance costs down. Hire truckers with a good driving record, maintain your credit score, avoid getting into road accidents, and keep your tow trucks safe 24/7. Also, avoid hauling high-value cargo. Specializing in towing luxury vehicles drives up your tow truck and on-hook insurance premiums significantly.
Bolster your risk management strategy with the following straightforward, actionable tips:
Avoid skimping on insurance. Keeping your premiums to a minimum reduces your monthly expenses, but operating underinsured compromises your long-term continuity plans.
Remember: road accidents cost far more than any insurance policy. In the worst case, property damage and bodily injuries could set your business back by over $150,000.
Are you stuck between the different insurers in your area? Assured Standard has you covered! Use our in-depth comparison review of the top five truck insurance companies as a starting point.